Nokia Q3 Results Slightly Light, but Stock Rallies
Apparently relieved that results weren’t even worse, investors are bidding up Nokia (NOK) shares this morning despite third-quarter results that were slightly worse than expectations.
The company posted sales for the quarter of 12.2 billion euros, down 5 percent year over year and off 7 percent sequentially. Profits of 29 Euro cents a share were about two cents short of expectations. Nokia sold 117.8 million mobile devices in the quarter, up 5 percent year over year and down 3 percent sequentially. The company says industry units were up 8 percent year over year and 2 percent sequentially, which implies lost market share.